softbank.' final for your results later today having warned of its biggest ever operating loss at $12.5 billion. joining us from singapore is amir anvarzadeh. great to have you with us. what a difference a year makes for softbank. now, the company is saying they are still buying back their own for ¥5up to 6.7% billion. what happens when the by banks are over with all of these sour start of investments? -- start up investments? amir: this time last year, we had a sell on it. we have a sell on it today. our view has not changed that much. the share buybacks have been a main source of support for share price. investorss that should be selling into this buyback. -- thek the sales buyback that will come from the proceeds of the sale of alibaba and softbank and the mobile unit shares, and we think that a partial sell or complete settle of one of these two were both is going to remove one or two major reasons to own the shares. sourcek corp. was a big of cash flow for softbank group. alibaba has been a

adam neumann and his parties allege the actual motivation for softbank to pull out was softbank stock is thinking and they didn't want to go through with a deal. they found other reasons to do so. it is interesting there is so much bad blood now given that six or nine months ago, softbank was the company that was coming in to bailout a floundering wework. they were wework's biggest ally and now things have really changed. days, we the last few have heard news of more job cuts at wework. company's veryis survival? ellen: it is really up in the air. i think wework remains optimistic that they will be a choice of many businesses in order to get more flexible office space in the near future, in which taking on a 15 year office may feel strange given we are not sure what it will look like. that being said, job cuts continue to happen. there will be more very soon. shery: ellen, thank you very much. coming up, the australian central bank confronts an economy that could suffer a 10% drop in gdp this quarter. we will discuss. this is bloomberg. ♪ >> you are watching daybreak australia. the bl

softbank needs cash.it badly in case they need to selloff some of their own assets including a division fund. it reported disappointing results on monday of $13 billion loss in division funds. billion.n $17.7 it is looking around for places it can find cash. t-mobile shares could be a good -- be a good spot for it to do that. why does softbank have such a large stake in t-mobile? softbank bought a majority stake in sprint for $22 billion and almost immediately started trying to t-mobile, andnd the obama administration said no. they had to shelve it, then it went back and two years ago tried to get that deal going again. it was looking shaky. there were all kinds of lawsuits. and then earlier this year softbank got a win. the government said it could go ahead and do that merger. it finally got the merger done. as a result it owns about a quarter of t-mobile out of the stake in sprint. softbank place where have a rear win -- layer win -- rare win. from $47rk is down billion a year ago area it is good that i

we have softbank results.share how it's investments in tech startups are coming back to bite the company hard. details are on the way. this is bloomberg. ♪ haslinda: just getting more details on what thailand has been saying. rishaad: bangkok coming up with first quarter gdp figures as the growth in the country was meant -- negative by 1.8%. that's better than the original estimate, 3.9% contraction. on top of that, they are looking at the whole year. they have been predicting before that we would have seen growth in thailand, or the negative growth of 1.5% to 2%. instead, they are suggesting things will get worst and expecting a contraction of the economy between 6% and 5%. -6% growth two -5% for the try economy. -- thai economy. let's get back to japan. we were trying to talk to easy meet duvalier a short time ago -- izumi duvalier. we wanted to know if this figure portends to worse data than the second and third quarters in .our view ok.aad: i think we are having serious problems trying to get a hold of izu

softbank had agreed to buy $3 billion in wework shares.ow being accused of reneging on that deal. the independent directors of the we company, the parent company of wework, have already sued softbank. this is something we are continuing to follow and will bring more updates as we have them. that is it for bloomberg technology. i'm emily chang. stay with bloomberg. bloomberg daybreak australia is next. this is bloomberg. ♪ ♪ haidi: good morning. i'm haidi stroud-watts in sitting alongside shery ahn in new york. the coronavirus playing game sees it go to an all-time low. president trump raises the stakes, threatening a fresh round of tariffs on china. u.s. stocks staged a late rally as california prepares to reopen. oil is also rising, getting 44th consecutive day. there's a bleak pictur

where does the relationship stand now between softbank and wework and also softbank and adam neumann?are totally right. adam neumann did get between $100 million and $200 million in a consulting fee back when he actually stepped down but this will be the bigger bulk of cash he is going to get access to, close to $1 billion. and it is also -- it is somewhat complicated. there was another $1.1 billion in financing that wework expected to get from softbank that was contingent on the closing of the tender offer. relations between the two organizations right now are fairly awkward. softbank is still majority owner and biggest investor in wework, but it just seems like their support, which used to be, you know, very staunch support of adam neumann end of the company, it seems like maybe they have had some second thoughts and it is certainly creating a tense atmosphere in the boardroom. shery: bloomberg's ellen huet, thank you very much with the latest on softbank and wework. here's a look at the markets. we are seeing brought upside with kiwi stocks gaining for a second session. sydney futu

softbank has lots of such investments. directly or indirectly benefit from that spillover of funds and money supply moving around, so that allows the company to probably get more funding. imagine one month back, we would be worried about surviving the crisis. now, they are looking to acquire grubhub, so we are in that situation right now. buyback and the backstop is very helpful for softbank and its shareholders. our bloomberg columnist suggested this might be the time to consider a vision fund. may be the only vision fund ipo given that the more hopeful holdings within that, the likes of -- are not likely to go public anytime soon. the ipo's might start to happen next year. the amount of money in u.s. tech right now, i mean, for me, the biggest case deems to be building towards a u.s. tech bubble. starting later this year has given the amount that it is doing. softbank is aso, positioned as plenty of u.s. startups and tech companies. are all saying they worthy of higher valuations. we don't want to talk about it. times wh

it does seem like the tide has changed for softbank.o you think there will come a strategy,- change in due to all the noise we're hearing right now, the threat seems to be for some banks to grow at all costs. will that change? were getting signs late last year that that was changing. the company basically instructed all the founders that they had to find a path to profitability, that they had to prove unit economics. basically they had to prove that economics work at a single unit level, whether that be a production -- a unit of production, and if the unit economics were there, they would help scale. they have also admitted that in the past, they headed a little bit the other way around, which was grow, and if you grow and outgrow your competition, you will be able to develop economies of scale. so the thinking has definitely changed. the thinking actually started to change around october of last imploded, andrk actually, that was a good and, because these companies have all been being pushed in this new mindset of demonstrating a path

softbank loses aliens of start up --

>> softbank think they have a good chance. he's alleging they sabotaged this deal. their financial position has gotten much more precarious in the last few minuonths. they have taken steps to undermine this deal. it could be a long battle for a while. i think the court will decide this >> would it be a big financial setback for softbank at a time they are reeling from a number of investments >> if they had to pay it, for sure it raises a lot of questions about softbank's ultimate commitment they said they would pay this $3 billion. there's debt that's going to give to wework they have a lot of question marks around their financing even more so wework has huge financial questions around them right now. the future of wework, this money, much of it is going to adam neumann and employees and early inverss. it does raise the question of how much money will they give wework when they need it >> is wework facing an existential threat can it make it through this crisis we're facing now and what is the crippling effect on softbank how damaged are they as they come out of thi

shery: what is next for softbank?have seen historic losses for the company, for the vision fund as well, and what difference a year has made, so if they are trying to really upset all of these losses, what is in store in the future when these portfolio companies seem to be suffering? peter: for the vision fund in particular, this is a cleanup job. you are exactly right. a year ago, the fund was reporting profits and then we got this record loss of $18 billion. it is really a cleanup job. they have about 90 startups in that portfolio. we have heard mostly about the big disasters there. of most glaring example that. they wrote down that company yet again. at one point, it was worth $47 billion. they have it on the books at about $3 billion, so much lower. there's also scores of companies we have not really written about, have not heard that much about, and some of those companies and the partners there, they are hoping they will be able to regain ground and do reasonably well. many of them are involved in the sharing ec

role in the saga the complaint filed accuses softbank of undermining the part of the bailout to pay him and early shareholders an employees. it is also a very dramatic shift from what n eumann was called a beautiful relationship. >> it's a real partnership and i think the longer we know each other the more we can build it he is a visionary. he, i don't know if you know the story, the initial story to invest in wework took 28 minutes. >> kelly, that's also a reminder of the investment style and acts with the gut an doesn't always work out wa back to you. >> stay right there. let's bring in david brown, host of the podcast business wars and a mini series about the rise and fall of wework david, it is great to have you here so, how would you describe -- what would be the name of this podcast episode for the latest turn >> well, it's funny you should say that this particular turn that adam was referring to there where he first meeted masa, that comes in episode of we crash and it was called think crazy and there's a reason for that. as most of your listeners or viewers know, masa's ceo

they are not quite sold on anything out of softbank. softbank has some real problems. back to you.liz: charlie, interesting story. you start to see the stress fractures in some of these companies and how they behave is very interesting with what they sell and what they shed. very interesting. thank you so much. charlie gasparino. >>> once again, we are now looking at a 930 point gain for the dow. high of the session, 952. got to beat charles payne. he handed me 917, i think. neil handed him 905. i'm beating those two guys. okay. i need good vibes coming my way. closing bell ringing in 30 minutes. investors are eating up kraft heinz's latest bullish rating. bank of america boosting the u.s. food conglomerate to a buy with analysts saying shares could return 30% over the next year, thanks to the company's ability to take advantage of changing trends in the wake of covid-19 and a recession. i say it's simply because everyone is making macaroni and cheese. shares are up 5%, call it 6% right now. $31 even. >>> last night, don't know if you saw it, my whole family was riveted -- not real

softbank is in focus this morning after the company posted a record 1.4 trillion yen full-year operatingss with the vision fund losing almost 2 trillion yen. the japanese group's position in office-sharing group we work cost 727 billion yen in losses, as well as ride-hailing apps also failing from the pandemic another heavyweight departure by one of his allies. jack ma who left the chairmanship of aliof alibibab a other bets have struggled and they posted record full year losses today that's the story with softbank. >>> another company, thyssenkrupp, looking to combine. they are expected to announce the moves later today as part of a strategy revamp. last week the industrial giant warned it could lose up to 1 billion euros in the current quarter due to the coronavirus shares are bounce withing off the highs of the day but up still more than 5%. >>> the board of the european stability mechanism has approved a 240 billion euro pandemic crisis support facility which will help members fight the fallout from the pandemic. in an exclusive interview with cnbc, esm director told us the new facil

when they get to discovery, you'll get into adam neumann and the world of softbank. get out your popcorn >> there has been so much written. i feel like i know him well already. markets focus on rising u.s./china tensions. eunice yoon is with us this morning. it is really good to see you >> it looks as though china's top intelligence agency is concerned those tensions will get worse. last month, researchers presented to xi jinping himself their concerns that the global push back is just as bad if not worst than what it was during the 1989 crack down on protesters reuters was told by sources that the internal report warned that china could see a push back of operation projects this could encourage u.s. and others to step up. finally concluding that u.s. would continue to fan this anti-beijing sentiment in order to undermine china's rise in a worse case scenario, could lead to an armed confrontation. it is unclear how seriously beijing's leaders would take this report. what is interesting is the fact that this report was leaked at all. what is interesting is the leaked

let's talk about softbank and what we have used so far.has been what his hat -- this is what has been happening over the last few days. the $17.7 million loss last fiscal year is the worst ever in the history of the japanese company. columnist joins us now. where did they go from here? tim: you would hope the only way they could go is up to be honest. although don't hold your breath. if big thing of course is you look at the numbers, they let me give you some stats. they have 88 different companies , 50 of them to the end of march, 50 of them had a cut in their valuation. it is more than uber. it is across the board. definitely a lot of room for softbank to have a rebound but this pandemic could last. this could be an ongoing problem. .om: too short a conversation we really want to get you back on again, particularly for interpretation of president xi's comments. i halfs -- i have to ask about forsia, are we accounting their accounting mistakes correctly? you take it down the rabbit warren there. i've got nothing to suggest there are accou

stank for it -- softbank stake for it.i: that is pretty remarkable because they will be pledging part of the vision fund where we have seen a massive decline. this is been very volatile, and saudi arabia and softbank have been major clients of a lot of banks. so banks until this point have been bending over backwards to give them what they want, but again, it is a pretty tough pill to swallow when you see such a major decline in the vision fund, largely led by huber and wework -- by uber and wework. alix: how do they raise capital? is it a vision fund ipo? sonali: it is funny you mention that. columnist raised that prospect, and i have been thinking about it. you really have to believe that the vision in the long term, and in the short-term, a lot of these companies are really vulnerable to economic decline. himself believes there will be more pain in the short-term, but they believe in the long-term vision of a bunch of unicorns. so like you said, raising money for another fund, that is very much off the table. but shorin

softbank on the way out. there is news at will sell 5% of its wireless unit for $3 billion. offer 200 40 million shares of softbank court -- offer $240 million -- 20 40 million shares of some bank. by banks and pay down debt. that includes part of softbank's holdings in alibaba. ibm cutting an unspecified number of jobs. employees have been laid off in north carolina, pennsylvania, california, missouri and new york where the company is based. the layoffs could be in the thousands after years of falling revenues and the coronavirus. ibm employee more than three enter 50,000 people in it -- more than three to 50,000 people. notinda: let's say it is looking pretty in the markets. in agentonly one calle -- one color and asian markets. that is read. that is taking cue from the tensions between the u.s. and china. china tightening its grip on hong kong. the nikkei 225 done a tens of 1%. we have the hang seng while surging or rather deepening its losses for the day. almost 5%. 15 members on the index trading lower, impacting the hong kong dollar as where -- as well. china admitting

he claims softbank relied on a legally faulty pretext to renege on the agreement and softbank says thatl reopen stores in austria and australia, but not business as usual. stores will require temperature checks and social distancing and will initially focus on tech support only. will remainocation closed for renovation, and who knows how long it will take until they open in berlin. qantas warns of a long road to recovery. the airline says overseas flights could take years to get back to normal, and is borrowing even more to help weather the crisis. it raised 350 million u.s. dollars, and says it now has enough liquidity to rise out the current collapse in demand until december 2021. that is your bloomberg business flash. anna: let's talk about the global economy now. goldman sachs, morgan stanley, economists at both banks say there is evidence the world economy is starting to recover from coronavirus and restrictions placed on businesses and the consumer, as governments increasingly ease virus restrictions and open up economies. we're starting to see some of that in europe and parts of

softbank was more favorable because of the billion dollar bailout.ey also extended him a $500 million line of credit in order to pay off his obligations he took the deal more favorable to him and then got screwed on it you had another option maybe a little more direct and not up against who you know is an operator. i think the court will say what do you want? it is impossible to remove >> yeah. i wonder how much u of this is really softbank and we work specific or even commercial real estate specific versus indicative of the broader sentiment we are seeing in the private market right now i ask that in part because you have digital bank n 6 raised money. uber is in talks to lead fundings around for lime right now as well. we are talking about lower evaluations. how much is the pain and we works playing out and trickling out in other parts of the market >> potentially real businesses companies that have business models they think they can support. lime is going through big changes, right they are cutting costs in various ways you can capture an enormou

he was not part of the company but softbank is in trouble now. softbank is in trouble.they were in bad shape before the pandemic recession hit. the pandemic recession threw a monkey wrench into all of its plans including one to start a second vision fund. softbank is a technology investor t has one major fund. it is called the vision fund. it is trying to start another one which essentially incubates or provides finance, seed financing to many tech companies, companies they call unicorns, companies like uber and wework was one. even before the pandemic recession hit softbank was in deep trouble. shares of uber have been slipping over the past half year. wework is a debacle. they couldn't ipo. they have lot of stuff on the balance sheet. you can listen to what masayoshi son said announcing the call. that is one side of the story. i will give you the side of the story that know people at the firm that deal with sovereign wealth funds that invest in some of its funds and here is what they're saying. they're essentially fighting for survival. they're unicorn investing, stuf

it's one of the few success stories so far for softbank. >> david, john ledger disappeared.talked to him, it was his daughter's birthday. can we just say that this guy, even as eccentric as he was, he built a powerhouse company no lawyers around that guy he said what he had to say when you have t-mobile employees, every one of them met him. they loved him this guy built a great company people thought he was a clown. we need more clowns. send in the clowns >> yeah. no doubt we continued to watch him succeed and compete against at&t and verizon in a successful way. now with the sprint deal huge integration deal ahead of them they had a lot of time to plan it but still going op mike sievert, the ceo of this company. 1$125 billion market value, they'll have to get the market prep for a large offering. doesn't mean today or tomorrow, not sure when these approvals will come through. >> whatever happened to dumb and dumber it was so much fun when he was calling people names like that at&t ceo got named called i don't think he's been called since i was on the swings. you know >> fir

. >>> plus, softbank making a big jump as they make a major sale we'll get you the latest on the softbank saga. >>> later, could consumer spending, even in this environment, actually be better than the economic numbers suggest? well, maybe at least for some stores former ceo of walmart u.s. will join us as well. >>> futures are up 300 points. good monday morning. we have a lot more to do america's oldest lighthouse has weathered many storms. seeing the break in the clouds before anyone else. together, we'll weather this storm. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. snoou welcome back good monday morning. while many states'

staff, this according to a source familiar softbank declined to comment and bloomberg first reported the news according to the source to affect about two dozen employs globally and doesn't include employees of arm or fortress and separate from vision portfolio companies which on the own announcing significant layoffs, remember, we have been talking about this this week they report in mid-may and expecting significant losses thanks to that $100 billion vision fund an losses in the likes of wework and just this week revising the losses down further for when it reports so again we'll keep our eye on this but softbank's international arm cutting 10% of the staff. >> big hit we have been following all week. thank you. >>> coming up, text the store and wait in the car. that's the new normal at this mall opening curbside delivery a few hours ago and speaking to the owner about that and how tay plan to keep people safe. >>> the dow down 640 points. we'll have more on the other side of the break. you can always watch or listen to us live on the go on the cnbc app. "the exchange" is back in a

written down, i imagine, in the history of softbank. alibaba's founder jack ma stepping down from softbank's board of directors after 13 years. this is the latest in a string of high-profile departure from the bank giant this is coinciding and might be the history-making part. softbank record13 million loss mostly tied to its investment in we work, one of the topics we talk about almost daily. >>> "the wall street journal" reporting softbank is looking to sell stake in t-mobile to deutsche telekom so softbank has been under a lot of pressure from elliott management a lot of things happening there. >>> one more store in the deal world, "the wall street journal" reporting grubhub has rebuffed uber's latest offer. we've talked about the back and forth and difference in price. the talks over the weekend and grubhub deemed the latest offer of 1.9 uber shares for each grubhub share as being too low yesterday amy klobuchar blasted the merger talks calling it bad for competition and for consumers. she tweeted, if uber takes over grubhub, it isn

neumann versus softbank suing the japanese firm and the deal overtaking gm and ford and no, it is not tesla but speaking of tesla, appearing to qualify for a massive pay dday days after tweeting out the stock was you too high averaging over the six months. if that occurs, it will trigger mu'sayn $700 million payd i sk contract. futures back up 150. we are back after this feels like there's no barriers between departments now. servicenow. the smarter way to workflow. across america, business owners are figuring things out. finding new ways to serve customers... connect employees... and work with partners. comcast business is right there with you. with a network that helps give you speed, reliability and security. and enough bandwidth to handle all your connected devices. voice solutions like remote call forwarding and readable voicemail. and safe, convenient installation. when every connection counts, you can count on us. get the connectivity your business needs. call today. comcast business. >>> will there be a reopening rally or realization that we have a long way to go as a nation t

neumann is suing the biggest investor, claiming softbank largely relied on pretexts to scrap the dealould have allowed newman to sell to softbank as much as $970 million in stock the japanese firm calls the stock merit list. hearst is preparing to file -- hurts is preparing to -- hertz is preparing to file for bankruptcy. a chapter 11 bankruptcy would allow them to stay in business while working out a payment plan. they have not been able to access any government allowed programs. neiman marcus is close to a bailout deal with pimco. sh the debt load by half and pimco would take over the company. sales of trucks beating cars for the first time ever in the u.s., pickups out selling cars. offers boosted truck sales and shut downs slowed sales in urban areas where cars are popular. francine: we have plenty more on your markets and a full round of what we heard from the german constitutional court. joining us is michael zezas. great to have you on surveillance we like to dig into the minutia you look at day in and day out read when you look at the u.s. economy and what funding, will the we

because of the huge financeer softbank lost $3 billion in.bank guy he lost his shirt on adam neumann and wework, didn't he? >> he is embarrassing for him. he gave adam neumann unmitigated power in largesse and planes, surfing expeditions. wework son the verge of possible collapse. they had to lay off another 2400 individuals recently. they're looking to get out of the long-term leasing deals and a lot of this real estate, especially with coronavirus and covid-19 the way the economy is going. wework might not even be here in the next year or few years. stuart: so adam, all these wework people are laid off, they got nothing and adam neumann sues for his billion? extraordinary stuff. good lord. susan: that's right. stuart: thanks, susan. we got this. a las vegas company has developed, wait for it, a self-cleaning slot machine divider. ultraviolet light is used to kill the virus between the thing. now we, we are going to show you how the thing works. we got the guy on the show. plus we got tape from president trump coming our way, very, very shor

softbank eliminated 10% of its staff. employees in florida and california and their aimed at lowering costs at portfolio companies emerging from the coronavirus crosses. partners at softbank's $5 billion let american fund have also left the company. korea roseina, south by double digits in april. fullompany expects to have -- fall and winter collections in stores after restarting production at its italian factories. cells are made slow in hong kong and macau, where volume on tourism. -- sales were made slow. the coronavirus has adversely affected business with an impact on full-year performance. the developer maintains its financial position it remains healthy. the company expect retail and lodging projects to read -- to be facing headwinds in the quarter. capital land warns developments may experience delays. shery: the hong kong financial secretary paul chan warned the city could be hit by its worst economic some on record even as authorities prepared to ease lockdown measures, amid signs coronavirus break has been cont

a japanese tech giant softbank posted a record $9000000000.00 loss for the fiscal year through march after its tech investment soured a collapse of office sharing venture we work had already had the firm hard then came the coronavirus pandemic saw thanks $100000000000.00 vision fund was supposed to identify tech going to corns that is startups valued at more than $1000000000.00 but it's now underwater. and just to drive home the peril facing those startups soft bank c.e.o. masayoshi song provided that animation of unicorns falling into a valley of the coronavirus take a look. but scott says nikolai on a book called all the however i believe among them there will be true unicorns with wings to fly over the valley. you're not only a tickle model i believe we will see the birth of flying unicorns in the time of crisis. when they're with us and there you have it and that's it for me and the business team here in berlin you can find out more about these and other business stories on line it dot com slash business to check us out on facebook twitter i'm stephen bears and it's watching the

i'm sure you've seen it in the softbank presentation that really sums up the softbank vision fund portfolio and losses you're seeing it, right? >> i saw you tweeted it. i retweeted it it's unbelievable. the unicorn inclusion is absurd any way. the total lack of numbers. i mean it just strikes of desperation. we'll get back to profitable il and rising higher in the future. i mean on top of that, based on various different companies reporting of this update, did he really compare himself to jesus as well? >> yeah, that happened in the call he's made sort of big sweeping ta statements but it was his indication to say look, not everyone has an easy path. i may be vindicated later. so he's known to be make iing ts kinds of wide, sweeping claims he likes to reference star wars as well. remember, too, when the vision fund set out about three or four years ago, he really positioned himself as this founder friendly ceo. they had a billion dollars they were going to help companies grow so it was pretty remarkable, where on the call overnight, he said maybe 15 of the vision fund portfolio companies ma

softbank is doubling the amount of shares it plans to buy back.billions of dollars worth. it also announced changes in the board as well as the resignation of the alibaba founder. they will sell a significant stake in t-mobile back to deutsche telekom. saudi arabia's sovereign worth fund is denying it will sell some stake in softbank. the investment fund was looking into a margin loan. they say they have sampled liquidity and are not planning or considering the move. that is your bloomberg business flash. up, does value investing still matter? that is our question of the day. we will talk about that. this is bloomberg. ♪ matt: welcome back. this is the european open. we are almost an hour into the session right now and still seeing strong gains. gaining.k assets are let's get into the markets. what is the reason for all of this optimism today? seeing is are european stocks are building off that u.s. session rally that we got friday. they are focusing on the success in lifting lockdowns. we are seeing more european countries begin to emerge. from t

. >> a clash of titans wework founder adam neumann takes the fight to softbank for scrapping the $3 billion tender offer that was paurt of a rescue plan for the office sharing group >>> a warm welcome to "street signs" this morning. we are awaiting germany's constitutional court ruling on whether they overstepped the mandate purchasing bonds even if the courtrooms in favor of the central bank, the decision could have a lasting impact on measures including the pandemic emergency package let's get a check in the leadup to the decision. we have seen yields move higher. across the stage, every one of those 10-year was higher the german higher negative, that's the level to be aware of. italian 10-year at 1.77% joining us this morning, let's bring in senior research fellow for comparative public law and international law and geoff is with us for what could be eam a monumental decision. thank you for being with us. >> given the court of justice has given his opinion in favor of the bond purchase program, it seems the hurdles are pretty high for the german court to rule against it today. >> definit

no one knew, it just kind of happened i don't know kind of happened the opposite of softbank's vision >> softbank's vision fund has been having a more difficult time of it than tesla, yes that's a fair point. significant losses there, of course though they are saying that there are -- that investors -- that valuing the vision fund at zero is far too pessimistic. >> only oil goes to negative, right? >> this -- meanwhile, i wanted to ask you, what does it mean for t-mobile, that deutsche bank gets more? don't you tell i'm sorry. >> no, listen. t-mobile is by far the most important part now of deutsche telecon. the merger with sprint has been completed. there were reports in the "wall street journal" that softbank is looking to sell additional shares of the combination. they rolled sprint into it obviously owned a good amount of it you could imagine they would want to monetize their stake to sure things up and help fund a potential buyback at softbank that elliott has been pushing them on. we'll have to wait and see jim, i've been checking around i heard a lot of the stories correct, but

k co-founder adam neumann is suing softbank.newman says softbank is relying on legally faulty pretext to renege on the deal. he claims softbank was secretly undermining the purchase despite claiming it was completed. ertz is ready to file for bankruptcy. business has been hammered by coronavirus disruption. it has been talking to creditors but we are told it is now preparing to file for chapter 11 protection. it stay in let business while it tries to turn itself around. apple says it will reopen 21 of 22 stores in australia. having shut the doors in march because of coronavirus. the target date is thursday. although the flake ship outlet in sydney will remain closed for renovations. -- the flagship outlet in sydney. it also will open a store in austria but would like customers to shop online. coming up, a look at the key eco data due from asia over the next few hours. we will look at the case for malaysia making its next rate cut, the deepest in a decade. this is bloomberg. ♪ two asian central banks. the wall in the ready to cut

it was supposed to take place as part of the overall agreement when softbank took control of wework theyt as we reported they would. they did they were already sued by the special committee for wework so the special committee representing the non-shooftbank owners of the company. now adam newman himself also suing saying we had a deal under which i was giving up control, my management, and in return, softbank, you were going to buy $3 billion of wework it was not a public company as everybody well knows wework's business, guys, as we might imagine, is going to have a very difficult time. it was going to be difficult enough without a recession, a significant recession where so many of its tenants, small, medium-sized businesses for example are not following through on leases. they have the leases with some of the bigger owners of buildings, does wework the question then becomes how much is wework paying or not paying to those landlords and how will they -- we were talking earlier about assembly lines if you're wework, you had a lot of people in these facilities, you have to adapt a differ

softbank is close to a deal to sell about $20 billion of stock in t-mobile. is speeding up efforts to raise cash. softbank is reporting an almost $8 billion loss in its investment business. the firm would share t-mobile shares to telecom. bed again on a short struggling rental car giant hurts. by buying credit default swaps. it has unwound the trade in recent weeks and now apollo has hertz bonds. that is your bloomberg business flash. thanks so much. equities, bonds, currencies, commodities. dow down, the vix getting back to 30. what is interesting is the safe havens really come up. swiss franc weaker. old weaker as well. brent crude near 35 a barrel. francine? francine: i am spending a bit of time looking at european bonds, actually also invest -- advancing while gold reserves drop. i'm also looking at the recovery fund. inspired risk appetite, then we have dropped back off. sterling strength thing after the u.k. this morning announced lance for 30 billion pounds in tech cuts after that plans for 30 billion pounds in tech cuts. wti, what it is doing. with a

are nothing to them and they're going to turn out to be nothing they've lost $2100000000.00 in the softbank quote unquote you know a mystery find and they're probably to lose another $5000000000.00 and maybe somebody's head rolls at the bottom but the people at the top say hey let's 5000000000. so ben smith and bubba horowitz thank you both for the expert analysis much appreciate it. and let's take another global look at the trends and spread of the coronavirus with r.t. correspondent side savage or so i where we today brian looking globally there are numerous countries looking to live for instructions and we're obviously seeing that here in the u.s. against even against the advice from health officials that are pleading to the government and to the public to maintain some sort of plan to avoid and new wave of infections because this pandemic is far from over and we're seeing a lot of new cases daily specifically here in the u.s. who are now topping the rest of the world in new cases and then in fact in russia now places them among the top 3 countries in the world that are affected by the d

been short or be very hesitant to equities month to date well kristie let me turn it over to to softbank who's suffered this huge loss this past quarter not due to their we work situation what's the latest on that front. old saw thank took a massive hit from we work last year but now with the latest earnings presentation it revealed this new valuation for the co-working startup to be now at 2900000000 as of march 31st now stop bank was its largest investor apply over $18500000000.00 into the company and work was once valued as much as 47000000000 dollars last year before his botched i.p.o. and while there was a time period actor its failure when it looked like it was kind of stabilizing with a hole in one place but the current wave was truly the last nail in the coffin as a pandemic may co-working a dangerous activity so now it seems like the future is in co working in shared spaces rather it's home office and teleconferencing well kristie let me ask you one more question do you suggest with all the stimulus is the fed are they actually going to honestly look at negative rates i know the

softbank is headed for a record loss.pected to post a $12.5 billion operation loss for the year. the vision fund went on and $80 billion startup spree. wework made the investment portfolio look increasingly shaky. southwest airlines is looking for volunteers to lose their -- leave their jobs voluntarily -- we've their jobs. offered toees have take time off or receive a partial pay plan. that is your bloomberg business flash. francine: taiwan semiconductor manufacturing is planning to spend $12 billion building a chip plant in arizona. it may assuage u.s. concerns. joining us to discuss this is a bloomberg opinion columnist covering economy with some fantastic stories, so i suggest you log on and read. is this the first company that will do this because of supply chain concerns, or will it be a one-off? tim: i think there will be more. i do not think the others will be as big. $12 billion over nine years as a large of money and not as many -- not many companies are as large regarding capex. not just supplies to apple but h

. >> softbank doubled the pay of its vision fund boss and $15 million for the year, despite the investment the over $17 billion loss, biggest ever loss in its 39 year history. the founder took a 9% pay cut. astrazeneca unveiled the data behind a win for one of the blockbuster drugs. it significantly cuts the risk of lung cancer deaths. it is the biggest product, with sales nearly $1 billion in the first quarter. chris weise is preparing to review one of its most part purrs -- prosperous businesses. bloomberg learned it will be focused on loans backed hard to sell assets. tois reviewing lenders clients. that your bloomberg business flash. francine: how early-stage investors are adjusting. route --uest coaching contributed to dozens of startups. he's out on his own. he says better technology is the key to better investing. we are delighted to be joined by mattias. great to speak to you. we look at the way technology is changing our day-to-day lives, the pandemic has changed the way we live and work, will be go back to normal once the virus dies down or we have a vaccine? are these technologi

softbank the selling 5%, trying to raise $3 billion in a series of sales to shore up its balance sheetthat is your bloomberg business flash. francine: let's get more on the economic response to the pandemic from the minutes of april meeting that show the fed saw the coronavirus pandemic posing a severe threat to the economy. the bank of england governor is not ruling out negative rates. that's get back to james athey, investment director, aberdeen asset management. bad idea cutting negative rates or having negative rates in the u.k.? james: not so bad for me, i have a mortgage so i would not my not so much. the experience of other countries, there is something to be learned, that the unintended consequences and costs are meaningful. there are some lessons we should not carry across to the u.k. nus, mainly that japan and europe are dealing with issues that monetary policy will be useless in the face of. they will be trying to find inflation by cutting rates, that is not a learning lesson. to me, the standard conventional monetary policy framework is that real rates are the measure of yo